The Swiss franc has fall against the euro, hitting its lowest level in 7 months, far lower than the exchange rate of 1.2 per euro that had been predicted by the National Bank of Switzerland. According to the SNB’s spokesman Walter Meier, the bank could take further steps to weaken the currency, as it considers the present exchange rate unacceptable. The currency market has been also hit by the bad news coming from Spain where its bond yields have been rising, re-kindling fears about the financial crisis and recession in the eurozone region. The negative outlook for the European economies persists, and Mario Draghi, the ECB’s president, blames this on high commodity prices, as well as by the debt crisis in the eurozone.
